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    Christopher Dendrinos

    Vice President and Clean Energy Analyst at RBC Capital Markets

    Christopher Dendrinos is a Vice President and Clean Energy Analyst at RBC Capital Markets, specializing in U.S. clean energy and electric vehicle infrastructure research. He covers key companies including ChargePoint Holdings, Plug Power, Westport Fuel Systems, Bloom Energy, GE Vernova, Nextracker, and Shoals Technologies Group, with a standout performance record—having achieved an 86.96% success rate and an average return nearing 90% as of August 2025. Dendrinos has served many years at RBC, previously contributing to both the industrial and energy research teams before focusing on clean energy, and is recognized for his in-depth sector coverage and insightful published reports. He holds professional credentials consistent with equity research roles at major investment banks, likely including FINRA securities licenses.

    Christopher Dendrinos's questions to ChargePoint Holdings (CHPT) leadership

    Christopher Dendrinos's questions to ChargePoint Holdings (CHPT) leadership •

    Question

    Christopher Dendrinos asked for an expanded view of the competitive landscape, including whether competitors are exiting the market, following the comment about winning back deals from rivals who failed to deliver.

    Answer

    CEO Rick Wilmer clarified that winning back deals from competitors who couldn't execute has occurred in multiple significant instances. He described the overall level of competition as 'fairly consistent,' but noted that the specific names of competitors are changing as various companies enter and exit the home, commercial, and fleet markets.

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    Christopher Dendrinos's questions to ChargePoint Holdings (CHPT) leadership • Q3 2025

    Question

    Christopher Dendrinos asked for a breakdown of the levers ChargePoint has to achieve its goal of positive adjusted EBITDA in fiscal 2026.

    Answer

    CFO Mansi Khetani outlined three primary levers: continued management of the cost structure on the OpEx side, revenue growth driven by existing and new opportunities, and gross margin improvement, which will be significantly aided by the benefits of Asian manufacturing starting mid-next year.

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    Christopher Dendrinos's questions to HA Sustainable Infrastructure Capital (HASI) leadership

    Christopher Dendrinos's questions to HA Sustainable Infrastructure Capital (HASI) leadership • Q1 2025

    Question

    Christopher Dendrinos inquired about the potential leverage profile and interest rate for debt at the CCH1 co-investment vehicle and how the company's current stock price impacts its equity financing needs and investment pace.

    Answer

    President and CEO Jeffrey Lipson stated that leverage at CCH1 would be relatively low with an investment-grade type cost of funds, similar to HASI's corporate debt. He also noted that the company has significantly reduced its need to issue new shares through mechanisms like CCH1 and its payout ratio, making it less dependent on the stock price for growth.

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    Christopher Dendrinos's questions to HA Sustainable Infrastructure Capital (HASI) leadership • Q4 2024

    Question

    Christopher Dendrinos asked for more detail on the opportunity to leverage the SunStrong platform for acquiring assets and as a servicing platform. He also sought clarification on the funding timeline for the CCH1 partnership.

    Answer

    Chief Revenue & Strategy Officer Marc Pangburn explained that the SunStrong platform, which assumed SunPower's servicing business, now generates recurring fee revenue and presents an opportunity to grow by expanding that servicing platform. President and CEO Jeffrey Lipson clarified that the CCH1 partnership is on track to meet its original $2 billion investment volume target by the end of 2025, noting the standard lag between commitment and funding.

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    Christopher Dendrinos's questions to EVgo (EVGO) leadership

    Christopher Dendrinos's questions to EVgo (EVGO) leadership • Q1 2025

    Question

    Christopher Dendrinos inquired about potential private financing options beyond the DOE loan, asking for an update on timing and whether securing such funding could lead to an acceleration of EVgo's stall build-out plans.

    Answer

    CEO Badar Khan confirmed that the DOE loan advances are proceeding as planned. He stated that due to strong asset cash flows, EVgo continues to receive inbound interest for additional non-dilutive financing. These discussions focus on accelerating growth beyond the DOE-funded plan or funding stalls ineligible for the loan, such as those for autonomous vehicles. Khan indicated a deal could potentially be executed sometime in 2025 and that such financing could enable an acceleration of the five-year stall build-out schedule.

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    Christopher Dendrinos's questions to EVgo (EVGO) leadership • Q4 2024

    Question

    Christopher Dendrinos asked how EVgo would respond to a potential halt in DOE loan funding and whether it would curtail growth. He also inquired about the strategy and financial profile of the dedicated stalls business for autonomous vehicle (AV) partners.

    Answer

    CEO Badar Khan reiterated confidence in the loan's durability. CFO Paul Dobson emphasized EVgo's strong cash position of approximately $200 million and near breakeven operating cash flow, stating they have the flexibility to adjust CapEx if needed while also pursuing complementary financing. Regarding dedicated stalls, Khan explained it's a growing segment with a fixed monthly revenue model, offering predictable cash flows with margins lower than the public network but higher than the eXtend business, and without utilization risk.

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    Christopher Dendrinos's questions to EVgo (EVGO) leadership • Q3 2024

    Question

    Christopher Dendrinos of RBC Capital Markets inquired about the strategy for alternative financing options beyond the DOE loan and asked for more detail on how the partnership with Delta Electronics will achieve a 30% CapEx reduction per stall.

    Answer

    CEO Badar Khan clarified that while alternative non-dilutive financing was once seen as a backup, it is now viewed as a way to supplement the DOE loan and fund stalls outside its scope. He stressed that closing the DOE loan is the top priority. On the Delta partnership, Khan explained the CapEx savings will come from a co-developed architecture that improves power sharing, dispenser design, and construction efficiency, including an expanded use of prefabricated skids.

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    Christopher Dendrinos's questions to Bloom Energy (BE) leadership

    Christopher Dendrinos's questions to Bloom Energy (BE) leadership • Q1 2025

    Question

    Christopher Dendrinos asked for specifics on cost-saving opportunities to offset tariffs and whether the utility regulatory environment, like the pending FERC decision for AEP, is creating a near-term deal bottleneck.

    Answer

    K.R. Sridhar (Founder, Chairman, and CEO) explained that cost reduction is ingrained in Bloom's culture, driven by a portfolio of projects in technology, manufacturing, and yield improvements. Regarding regulation, he characterized the current issues as 'temporary blips,' stating that partners like AEP are confident and that regulators understand the need to facilitate power for economic growth.

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    Christopher Dendrinos's questions to Bloom Energy (BE) leadership • Q4 2024

    Question

    Christopher Dendrinos inquired about the composition of the product backlog, seeking a breakdown by AI and C&I segments. He also asked for clarification on the Investment Tax Credit (ITC) safe harbor provision and the associated $12-15 billion revenue opportunity.

    Answer

    CFO Dan Berenbaum declined to provide a specific backlog breakdown but highlighted strong momentum in U.S. C&I. CEO KR Sridhar added that roughly one-third of the deployed fleet serves data centers. Both executives explained that the ITC safe harbor provision, compliant with Treasury guidance, allows customers to secure 40-50% tax credits for projects placed in service through 2028, effectively making ITC a non-issue for the company's U.S. business in the medium term.

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    Christopher Dendrinos's questions to Bloom Energy (BE) leadership • Q4 2024

    Question

    Christopher Dendrinos requested a breakdown of the product backlog by segment (AI vs. C&I) and sought clarification on the Investment Tax Credit (ITC) safe harbor provision, including its mechanics and the potential $12-$15 billion revenue opportunity.

    Answer

    CFO Dan Berenbaum stated the company would not provide a specific backlog breakdown but confirmed strong momentum in both AI and C&I segments. CEO KR Sridhar added that about one-third of the deployed base serves data centers. Regarding the ITC, both executives explained that the safe harbor provision allows customers to secure 40-50% ITC benefits for systems placed in service by 2028, making the credit a non-issue for Bloom through that period.

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    Christopher Dendrinos's questions to Bloom Energy (BE) leadership • Q3 2024

    Question

    Christopher Dendrinos from RBC Capital Markets asked for the rationale behind the Fremont manufacturing capacity expansion and how it translates to the 2025 outlook.

    Answer

    CEO K.R. Sridhar explained the expansion to one gigawatt is driven by anticipated rapid market growth, not speculation, and noted they can add another gigawatt within 6-9 months if needed. CFO Dan Berenbaum added that expansions are done prudently, tied to visible demand, and that the recent inventory increase reflects this anticipated demand.

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    Christopher Dendrinos's questions to GE Vernova (GEV) leadership

    Christopher Dendrinos's questions to GE Vernova (GEV) leadership • Q1 2025

    Question

    Christopher Dendrinos asked about the current pricing environment, questioning if GE Vernova is still able to increase prices for gas turbines and within the Electrification segment.

    Answer

    CEO Scott Strazik confirmed a continued 'price up' environment for Gas Power, with prices expected to rise through 2025. He noted that Electrification is also seeing price gains, though at a slower pace than in 2024, with strength concentrated in areas like North American switchgear. CFO Ken Parks added that these recent price increases are not yet fully reflected in the reported backlog margin, suggesting future profit expansion.

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    Christopher Dendrinos's questions to GE Vernova (GEV) leadership • Q3 2024

    Question

    Christopher Dendrinos focused on the Electrification segment, asking if GE Vernova has the capacity to meet surging demand and whether the company is still able to increase prices.

    Answer

    CEO Scott Strazik confirmed that pricing power continues in Electrification. He explained that the company can meet demand efficiently by leveraging its existing industrial footprint, noting that 75% of a planned capacity doubling in the Power Transmission business will come from lean improvements rather than capital-intensive greenfield projects. CFO Ken Parks added that North America is now the segment's fastest-growing region.

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    Christopher Dendrinos's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership

    Christopher Dendrinos's questions to WESTPORT FUEL SYSTEMS (WPRT) leadership • Q4 2024

    Question

    Christopher Dendrinos of RBC Capital Markets asked about the potential for M&A as part of the new strategy, including the types of targets and geographic focus. He also questioned if the company possesses the necessary in-house R&D capabilities to pursue this new strategic direction.

    Answer

    CEO Dan Sceli confirmed that the company will consider bolt-on acquisitions to build its high-pressure controls business into a full system provider, with an immediate focus on North America. He also affirmed that the company's North American R&D group, based in Cambridge, Ontario, is entirely separate from the divested business and is fully equipped to execute the new strategy and build out the product portfolio.

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    Christopher Dendrinos's questions to SOLAREDGE TECHNOLOGIES (SEDG) leadership

    Christopher Dendrinos's questions to SOLAREDGE TECHNOLOGIES (SEDG) leadership • Q4 2024

    Question

    Christopher Dendrinos asked about the operational impacts of the next-generation product launch, specifically focusing on its effect on the manufacturing cost structure and gross margin profile.

    Answer

    CEO Yehoshua Nir confirmed the new product line is designed for manufacturability with an expected improved cost structure and will be ramped up in U.S. facilities. CFO Ariel Porat added that the new products were designed with different components and capabilities specifically to reduce costs and improve gross margins compared to the current generation.

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    Christopher Dendrinos's questions to Fluence Energy (FLNC) leadership

    Christopher Dendrinos's questions to Fluence Energy (FLNC) leadership • Q1 2025

    Question

    Christopher Dendrinos inquired if the new product is industry-leading or a catch-up effort and questioned the implied low margin on the unbooked portion of the revised 2025 guidance.

    Answer

    President and CEO Julian Nebreda positioned the new product as industry-leading in density and design, intended to regain competitive advantage. CFO Ahmed Pasha clarified that new contracts signed since last quarter were at high-single-digit margins, which, when blended with the existing backlog, resulted in the revised 11% midpoint margin.

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    Christopher Dendrinos's questions to Fluence Energy (FLNC) leadership • Q4 2024

    Question

    Christopher Dendrinos asked about the intensity of price competition from vertically integrated rivals and how the competitive landscape is shaping up for 2025. He also questioned if Fluence might expand its role in the value chain, for instance by taking on more EPC work.

    Answer

    President and CEO Julian Nebreda acknowledged a competitive market but argued that as hardware costs fall, the value of reliability, commissioning, and logistics increases. He stated Fluence wins on total cost of ownership, not just CapEx. He added that the company already offers EPC services with partners when customers require it and sees no need to change this flexible approach.

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    Christopher Dendrinos's questions to NOVA leadership

    Christopher Dendrinos's questions to NOVA leadership • Q3 2024

    Question

    Inquired about the 2025 expectations for loan prepayments and the potential upside, as well as the remaining opportunity and timeline for the 'flip the WIP' initiative.

    Answer

    Loan prepayments are expected to increase at a similar 20% YoY clip, with potential upside if interest rates are cut; this is viewed as a conservative lever in the guidance. The 'flip the WIP' initiative has a meaningful upside, potentially up to $100 million, with most of it expected to be realized this year, though some could spill into Q1 2025.

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    Christopher Dendrinos's questions to NOVA leadership • Q1 2024

    Question

    Questioned the validity of the Net Contracted Customer Value (NCCV) calculation, given the large discrepancy between its cost assumptions and the company's actual operating costs.

    Answer

    The company defended its ability to lower costs significantly, noting the NCCV metric uses a historical industry standard for consistency. They also clarified that their separate unlevered return metric is more punitive as it is burdened with all current operating costs, and they are focused on driving those costs down.

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